A 94th minute Luke Varney goal robbed Morecambe of a third successive League 2 win.
The former Blackpool striker, making his Cheltenham debut, popped up deep into injury time to stab home a loose ball as the home side staged a desperate late attack to get a share of the spoils.
It was a hammer blow for the Shrimps who had battled against all the odds to put in a solid performance that saw them look set to take the points.
The Shrimps took the lead in the 31st minutes through Jordan Cranston.
The former Cheltenham defender collected the ball on the left hand side of the box and from an acute angle let fly with a low shot that beat home keeper Scott FlInders to his left.
The Shrimps they lost defender Steven Old to injury moments later and the home side took advantage with a goal before the break.
Cheltenham launched a ball to far post for Tyrone Barnett to head back into the danger area and Varney reacted smartly to poke the loose ball past Barry Riche from close range.
The Shrimps regained the lead in the 53rd minute when Rhys Oates scored for the second game in succession when he produced a fine finish from Lamin Jagne’s lay off with a low shot from the edge of the area.
Jayne then conceded a penalty three minutes later but the youngster was reprieved when Barnett blasted the spot kick high over the bar.
Vadaine Oliver and Oates both failing to take advantage of one on ones before The Robins struck at the death.
Oliver lost possession and Cheltenham launched it forward with the ball breaking for Varney to break the Shrimps’ hearts.
Cheltenham: Flinders, Forster, Mullins, Boyle, Field (Mooney 83), Dawson (Hussey 68), Clements, Atangana, Maddox, Varney, Barnett (Lloyd 69).
Subs not used: Tozer, Baldwin, Lovett, Kalala.
Morecambe: Roche, Mills, Old (Oates 34), Lavelle, Conlan, Yarney, Jagne (Tutte 59), Mandeville, Leitch-Smith (Ellison 78), Cranston, Oliver.
Subs not used: Oswell, Mendes Gomes, Halstead, Hedley.
Referee: Neil Hair